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EURJPY Euro vs Japanese Yen

163.411
-0.126 (-0.08%)
Last Updated: 17:24:14
Delayed by 15 minutes
Name Symbol Market Type
Euro vs Japanese Yen FX:EURJPY Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -0.126 -0.08% 163.411 163.37 163.385 163.84654 163.13 163.5485 0 17:24:14

Euro Mixed After ECB Minutes Show Changes In Forward Guidance Premature

22/02/2018 9:38am

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The euro came under pressure against its most major counterparts in the European session on Thursday, after minutes from the European Central Bank's latest monetary policy meeting showed that the policy makers agreed that it was too soon to adjust forward guidance.

"Changes in communication were generally seen to be premature at this juncture, as inflation developments remained subdued despite the robust pace of economic expansion," the minutes from the monetary policy meeting held on January 24-25 showed.

The members observed that monetary policy would continue to develop according to the evolving state of the economy as per the ECB's forward guidance, with a view to avoiding abrupt or disorderly adjustments at a later stage.

The members agreed that the Governing Council's communication on monetary policy would evolve naturally in line with the ECB's forward guidance, if inflation make further progress towards its goal.

"The language pertaining to the monetary policy stance could be revisited early this year as part of the regular reassessment at the forthcoming monetary policy meetings," the minutes showed.

Survey data from Ifo institute showed that Germany's business confidence weakened in February.

The business sentiment index fell more-than-expected to 115.4 from 117.6 in January. The score was seen easing to 117 in February.

The euro traded mixed against its major opponents in the Asian session. While it held steady against the pound and the franc, it fell against the greenback and the yen.

The single currency dropped to a 3-day low of 1.1506 against the franc, after advancing to 1.1544 at 3:00 am ET. On the downside, 1.14 is likely seen as the next support for the euro.

Data from the Federal Statistical Office showed that Swiss industrial production expanded for the third straight quarter in the three months ended December.

Industrial production advanced 8.7 percent year-over-year in the fourth quarter, but slower than third quarter's 9.2 percent spike.

The 19-nation currency slipped to a 3-month low of 131.29 against the yen, compared to Wednesday's closing value of 132.37. The euro is poised to challenge support around the 130.00 level.

Following a 2-day high of 0.8863 hit at 6:30 am ET, the euro reversed direction and pulled back to 0.8832 against the pound. Further downtrend for the euro is likely to see it finding support around the 0.86 mark.

The second estimate from the Office for National Statistics showed that the UK economy grew less than estimated in the fourth quarter, partly reflecting revision to production output.

Gross domestic product expanded 0.4 percent sequentially instead of 0.5 percent estimated initially. GDP had advanced 0.5 percent in the third quarter.

The euro weakened to 1.6747 against the kiwi and 1.5689 against the aussie, off its early high of 1.6800 and a 6-day high of 1.5756, respectively. Next key support for the euro is likely seen around 1.65 against the kiwi and 1.54 against the aussie.

On the flip side, the common currency climbed to 1.2315 against the greenback, from a 10-day low of 1.2260 hit at 1:45 am ET. The euro is seen finding resistance around the 1.24 mark.

The euro spiked up to a 2-year high of 1.5676 against the loonie, from an early 2-day low of 1.5569. If the euro extends rise, 1.59 is seen as its next resistance level.

Looking ahead, U.S. leading indicators for January are due shortly.

At 10:00 am ET, New York Fed President William Dudley speaks about the economic situation in Puerto Rico and the United States Virgin Islands, following Hurricanes Irma and Maria, at a press briefing hosted by the Federal Reserve Bank of New York.

Atlanta Fed President Raphael Bostic will speak at the Banking Outlook Conference hosted by the Federal Reserve Bank of Atlanta at 12:10 pm ET.

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